Marianas Variety

Last updateFri, 30 Jun 2017 12am

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    Thursday, June 29, 2017-12:47:27P.M.

     

     

     

     

     

Tinian gaming commission OK’s Bridge Investment Group’s $150 million casino-hotel project

THE investors seeking to build a $150 million, 300-room casino-hotel at Tinian Harbor have been determined suitable to receive a casino license by the Tinian Casino Gaming Control Commission.

TCGCC yesterday announced through Chairman Matthew C. Masga that the commission found Silvia Siu and Xianjun Meng— the two major investors in the Bridge Investment Group — as suitable investors for a casino license on Tinian.

“This is a major decision, and it is good news for both the Bridge Investment Group and the people of Tinian,” said TCGCC Chairman Matthew C. Masga in a statement.

According to TCGCC, in order to obtain a license to own or operate a casino, investors need to undergo a thorough background investigation to determine whether or not they have the integrity and business acumen to run a casino.

Bridge Investment Group met with the TCGCC through its agent Gaming Integrity Services LLC back in October 2014 agreeing on the necessary steps that BIG would take to secure a casino license.

GIS conducted interviews with American Northern Marianas Regional Center, LLC owners Silvia Siu and Xianjun Meng in December 2014 and approved their financing plans.

Masga said that the two investors hold an 80 percent equity interest in Bridge Investment Group and they went through “arduous suitability reviews in roughly three months time.”

Masga said the process went smoothly.

“BIG’s investors were very cooperative and expeditiously submitted the application and background documents we required,” said Masga.

He said the next step for BIG and its investors is to negotiate a Section 16 Agreement on the deadlines to begin construction of the casino and other details.

The TCGCC’s decision yesterday bodes well for the developer of the $150 million Tinian Ocean View Resort.

American Northern Marianas Regional Center, LLC chief executive officer and Tinian Chamber of Commerce President Philip Mendiola Long told Variety, “With today’s suitability approval by the Tinian Casino Gaming Control Commission of two new owners of Bridge Investment Group, the Tinian Ocean View Resort can finally begin to move forward with development plans. Bridge Investment Group has been working over the course of the last two years with the American Northern Marianas Regional Center for financing of its planned $150 million resort.”

Mendiola-Long said now that the owners of the Regional Center have been found suitable for a casino license on Tinian, “the final agreements and terms of the financing can be arranged and forwarded to the gaming commission for approval.”

He said this requires following the steps in the process.

“Part of that process required bridge investment group to take on new partners in ownership in order to move forward with financing. New partners couldn’t be taken on without the approval of the gaming commission,” he said.

Mendiola-Long said now that the new ownership’s suitability is approved by TCGCC, “Bridge Investment Group can now move forward with closing the financing agreements and our project can finally get off the ground.”

Tinian Ocean View Resort, the casino-hotel soon to rise at Tinian Harbor, will have 300 rooms, with one presidential suite, 15 other suites, and 58 executive rooms.

It will also have a 38,000-sq.m. casino-banquet room, a wedding chapel, a fitness center, two large restaurants, a shopping arcade and a museum.

Tinian Ocean View Resort is to be constructed on an 85,000 sq. m. property on Tinian.